Tax Update – EOFY June 2025
As another financial year quickly comes to a close, we’ve summarised some key tax planning tips and relevant changes to consider in the lead up to 30 June. Instant Asset Write Off for Small Businesses As discussed in previous newsletters, the Instant Asset Write Off (“IAWO”) has been extended for another year. The IAWO provides […]
Super and Division 296 Tax – Don’t Throw the Baby Out with the Bathwater
Super and Division 296 Tax – Don’t Throw the Baby Out with the Bathwater With the Labor Party re-elected, Treasurer Jim Chalmers remains adamant that he will proceed with Division 296, the new tax measure targeting larger super balances. The recent budget included revenue expected to be generated from Division 296 tax starting in the […]
Tax Update – May 2025
Below are the latest tax insights and essential updates to keep you informed and compliant. What Has Labor Promised Amid the 2025 Election Campaign? We’ve summarised some of the key tax proposals announced by the Labor party during the 2025 election campaign, including as part of the recent Federal Budget. The proposals primarily focused on […]
Federal Budget 2025
Tax cuts, cost-of-living, and housing affordabilty measures – here’s what you need to know about the 2025 Federal Budget. Treasurer Jim Chalmers has handed down his fourth Federal Budget, setting the tone for what’s expected to be a closely contested election campaign, with policies designed to win over undecided voters. The Government is positioning itself […]
Tax Update – March 2025
Below are the latest tax insights and essential updates to keep you informed and compliant. Landmark Decision in the Federal Court a Win for Taxpayers Regarding Division 7A For many private groups, it is common practice to enter into arrangements in which a trust distributes income to a corporate beneficiary (i.e. a ‘bucket company’). Where […]
Cultural Context Matters: Cheung v FCT
Cultural Context Matters: Cheung v FCT In certain cases, the Australian Taxation Office (ATO) has exercised its authority to determine that funds transferred from overseas to Australian tax residents are assessable income—unless the taxpayer can prove otherwise. It is common for individuals or families who have migrated to Australia to receive financial support from overseas […]
